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"The First Abu Dhabi Bank (FAB) Wealth Sentiment Index (WSI), a key gauge of how the wealthy in the UAE feel about their prospects, slipped 2.2 per cent month-on-month in August as tepid loan growth and lacklustre tourism weighed on feelings. The measure fell to 1,017.37 in August compared to 1,040.66 in July, FAB said. "The August score reflects a range of factors, including a surge in oil prices and an increase in stock indices," the report said. "At the same time, a fall in tourism due to climbing summer temperatures and a drop in loan growth has negatively impacted the WSI." "

"The UAE’s total banking sector credit returned to positive monthly growth in July, reaching 0.2 per cent month on month after a contraction of 0.5 per cent in the previous month, according to UAE Central Bank data.
Modest monthly improvement credit offtake saw the annual credit growth rate ticking up to 3.5 per cent year on year from 3.1 per cent in June.

The domestic loan growth expanded by 0.3 per cent last month as all domestic sectors saw a monthly rise in loan growth, with the government sector seeing the strongest increase."

"Fitch Downgrades 9 Qatari Banks’ IDRs; Outlooks Negative here LONDON, August 30 (Fitch) Fitch Ratings has downgraded nine Qatari banks' Long-Term Issuer Default Ratings (IDR). Apart from Qatar National Bank (Q.P.S.C) (QNB), which has been downgraded to 'A+' from 'AA-', the rest of the banks have been downgraded to 'A' from 'A+'. They are The Commercial Bank (Q.S.C.) (CBQ), Doha Bank (DB), Qatar Islamic Bank (S.A.Q) (QIB), Al Khalij Commercial Bank P.Q.S.C. (AKB), Qatar International Islamic Bank (QIIB), Ahli Bank Q.S.C (ABQ), International Bank of Qatar (Q.S.C) (IBQ) and Barwa Bank Q.S.C. (Barwa). All Outlooks are Negative. This action follows the downgrade of the Qatari sovereign by one notch to 'AA-' (see Fitch Downgrades Qatar to 'AA-' Negative Outlook, dated 28-August-2017 on www.fitchratings.com.) and reflects Fitch's view that a timely resolution to Qatar's isolation is unlikely, although further risk of escalation has declined. It also reflects the impact that the measures have had on Qatar's external balance sheet, with an expected fall of sovereign net foreign assets to 146% of GDP in 2017 from 185% in 2016, and our expectation that GDP growth will slow to 2% in 2017. Ultimately, the sovereign ability to support the banking system has weakened and all nine banks' IDRs have been downgraded to reflect this. The banks' Viability Ratings (VR) are unaffected by this action. The VRs remain on Rating Watch Negative (RWN) and reflect the heightened risks that this crisis places on the banks' operating environment, funding and liquidity and earnings and profitability. "

"Chatter that Qatar wants to quit the Gulf Cooperation Council for not backing it against a Saudi-led embargo has unleashed a torrent of vitriol. Newspapers in the United Arab Emirates, one of the boycotting nations, jumped on a report in Iran’s Jaam-e-Jam daily that cited a former Iranian ambassador to Qatar as saying the emir is fed up with the GCC. In pages upon pages of copy on Wednesday, they accused the gas-rich emirate of plotting to serve Iran by destroying the six-nation bloc from within. “Qatar’s treason’’ and “Qatar commits suicide,’’ the newspapers screamed. “Doha’s rulers are a source of danger to the security and stability of Gulf countries,” Abu Dhabi’s state-owned Alittihad proclaimed, while warning in a different article of a “Qatari-Iranian conspiracy to destroy the GCC.’’ "

"Corporate news boosted a couple of stocks in the United Arab Emirates on Wednesday, while a leap by Global Telecom and strong international markets lifted Egypt’s blue-chip index sharply.

Trading volumes have generally been low in the Middle East in recent days because of the approach of Eid al-Adha holidays, which began in Saudi Arabia on Wednesday and will start for other markets on Thursday.

But Eshraq Properties climbed 3.6 percent in Abu Dhabi in active trade on Wednesday because of news that it plans to merge with privately held developer Reem Investments.

"Marks & Spencer has begun talks with Al-Futtaim for the possible purchase and franchising of its retail business in Hong Kong and Macau.

The talks, which follow on from the company’s strategic review of its international business announced November, could see Al-Futtaim become the sole franchisee for M&S in Hong Kong and Macau. M&S has operated in Hong Kong since 1988 and has 27 stores in the city.

The retailer caused momentary panic among its loyal Hong Kong shoppers last year after it said it would pull out of the China market, but the closures were limited to its mainland Chinese stores."

"Shuaa Capital, a Dubai-based investment bank, plans to reintroduce brokerage services in the Egyptian market that were suspended in the most populous Arab country after the 2008 financial crisis took toll on trading volumes. Shuaa has formally stared discussions with Egyptian regulators to bring its securities business back to North African country, a key step in expanding its brokerage services which are part of its broader capital markets offering, the firm said in a statement to Dubai Financial Market, where its shares are traded. Shuaa was one of the top investment banks in the region before the global financial crisis hit almost a decade ago. At that time, the firm and several other financial services companies fell on hard times. Many were forced to either close or suspend their brokerage arms as revenues slumped and trading activity came to a grinding halt. The regional economies, which had recovered well from the crisis, are once again facing weaker economic growth on the back of persistently low oil prices."

"The tragic events in south Texas have led to loss of life and devastation across a swathe of the US, but already the hard-nosed professionals of the oil industry — from Dallas to Dhahran — are calculating the effect on their business. Most of the analysis agree it is too early to say with certainty what damage Hurricane Harvey did when it hit the Gulf of Mexico coast, and what the longer-term effects of the downgraded tropical storm will be. The rainfall could be just as damaging as the violent winds of a hurricane to the Texas energy industry. But one thing is clear: In the new dynamic of the global oil industry, in the shale era, many of the old certainties have been blown out of the window."

"Some of the most dramatic evidence of change in Iran since the nuclear agreement that brought sanctions relief to the country is visible in Tehran’s stock market.

In the past 18 months, about 193,000 people have sought permission to trade on the bourse, said Tehran Stock Exchange Corp. Chief Executive Officer Hassan Ghalibaf-Asl. At least 45 companies have asked to list their shares since the Iranian year started in March, and he expects as many as 13 initial public offerings within the 12 months, compared with seven in the previous period.

“The market has been on the rise” since the agreement was implemented in January 2016, Ghalibaf-Asl said in an interview at his office in the Iranian capital. The May re-election of President Hassan Rouhani, who backed the accord, was a further “positive signal” of continuity for the market, he said."

"John Sfakianakis, director of economic research at Gulf Research Center, discusses the Saudi Arabia economy and its prospects for growth. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"

"Abu Dhabi developer Eshraq Properties rose on merger talk on Wednesday, outperforming an otherwise weak local stock index, while Dubai firmed on the back of gains in real estate firms. Eshraq jumped 2.4 percent on news that it is discussing a potential merger with an Abu Dhabi-based privately held investment firm, Reem Investments. The Abu Dhabi index was down 0.2 percent as most blue chip stocks fell."